Companies

KPMG fined £1.5m over M&C Saatchi audit

The British regulator pointed to ‘serious audit failings’ and ‘breaches of audit standards’

M&C Saatchi was placed under investigation by the FRC after an accounting crisis.

KPMG has been fined £1.5 million over "serious failings" in auditing British advertising firm M&C Saatchi.

Regulator the Financial Reporting Council (FRC) imposed the £1,462,500 fine over failings in relation to the advertising agency's accounts to December 2018.

M&C Saatchi was placed under investigation by the FRC after an accounting crisis, followed by a series of profit warnings and its shares being suspended when it came to light in 2019.

Claudia Mortimore, deputy executive counsel, ...